The Owner of a Small Convenience Store Is Trying to Decide

question 20

Short Answer

The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy a magazine and thinks that he might be able to use the display space to sell something more profitable. Before making a final decision he decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.
-What is the probability that at least 5 of his first 50 customers buy magazines?

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Definitions:

Successful Outcome

The achievement of desired goals or results from a particular process or activity.

Pride

A feeling of deep satisfaction derived from one's own achievements, the achievements of those with whom one is closely associated, or from qualities or possessions that are widely admired.

Emotional Regulation

The process by which individuals influence which emotions they feel, when they feel them, and how they express and experience these emotions.

Redirecting

A behavioral management technique involving guiding someone's attention or activity from one focus to another more positive or productive one.